Sunday, July 31, 2011

White House officials and congressional Republicans are discussing a potential agreement that could end their bitter debt limit showdown. The hope is that a deal can be completed by Tuesday to avert a possible government default.

Officials speaking on condition of anonymity say the White House and GOP are discussing a plan to raise the government's debt ceiling by about $2.4 trillion, enough to last through next year. There would be slightly larger spending cuts enacted in two stages, and a promise to vote on a constitutional amendment requiring a balanced budget.More...